What is the name of your state (only U.S. law)? NY
I have a 401k at an old job that I am thinking about closing and withdrawing the balance.
Does the 20% of taxes get taken out as an estimate, and does the 401k tax amount end up being based on your total income that year, or is it a flat amount of 20% regardless of your income?
I know it gets withheld when an early withdraw is made, but does that get added into the taxes you paid at the end of the year to be recalculated based on AGI, kinda how a traditional paycheck does?